Markets are firm again this morning with corn up 1 and soybeans up 11. Strength in the bean market continues to move all markets higher. Rumors of Chinese purchases for July and August shipments are propping the beans up this morning.
The forecast for Argentina has rains in the forecast this morning. They should be getting rain from Sunday through Tuesday. We should be getting a good idea if the forecast is a bust or not, about the same time the USDA is releasing the Jan 12th crop report. This forecast has been wet in the morning run, and drier at mid-day for the last 5 days. The rain forecast for Central Brazil, showed good precip, but not much came out of it this week. Most of the heavy rains are to the East.
The market looks to hold steady into the weekend, with South American weather risk and the USDA crop report coming Tuesday. Most Sunday nights have been higher, followed by fizzling market by Monday morning. Rumors of Chinese purchases for July and August shipments are propping the beans up this morning. These purchases are probably not rumor, as we are pretty sure they happened Wednesday and Thursday.
Have a Safe Day!